Since its passage in December, many major utility companies around the country have announced that tax reform has enabled them to pass on savings to its customers.
This week, Georgia Power joined the growing list of utility companies passing on these benefits, with an announcement that its customers would receive $1.2 billion in benefits from the Tax Cuts and Jobs Act. This includes $130 million in reduced taxes on financing costs for a nuclear expansion, $330 million in direct credits to customers over the next two years, and $700 million in future benefits to consumers. Read Georgia Power’s press release here.
These savings are huge. These kind of announcements are just some of the ripple effect benefits of the new tax reform law. The massive savings for consumers prove just how empowering cutting the corporate rate is for Americans and the overall economy.
This follows on the heels of New Jersey Natural Gas’ announcement last week that it will reduce customers' rates by $21 million and provide them with a one-time refund totaling $31 million.
That makes 41 states, and more than 82.3 million customers nationwide, that are reaping the energy savings benefits of tax reform—so far. This week, state regulators in Ohio and Minnesota are petitioning utilities in their states to do the same thing. So more good news on the energy savings front is surely coming—all because of tax reform.